Thursday, 28 August 2014
Last updated 9 hours ago
Mar 17 2014 | 3:43am ET
Accused hedge fund fraudster Magnus Peterson won’t be getting off on at least one technicality.
The founder of collapsed hedge fund Weavering Capital has lost his abuse of process claim against the U.K. Serious Fraud Office. Peterson, who is accused of defrauding investors of US$600 million, argued that the SFO improperly reopened its case against him. But, in spite of some concerns, Justice Andrew Smith said Peterson’s trial should proceed.
The SFO closed its initial probe into Weavering in 2011, two years after it collapsed. But the following year, Peterson was found liable for fraud in a London civil case, leading the SFO to reopen its investigation.
Peterson complained that the move was improper, given the submissions he made in the civil case, and because the case was not officially accepted by then-SFO director Richard Alderman. Smith acknowledged that it was “surprising and disturbing” that Alderman’s delegation of his responsibility to officially accept cases to a deputy “came in so casually that it was not even recorded,” but that it was valid all the same.
Peterson’s trial is set to begin in October.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...